Green Asia Impex IPO Day 3: Subscribed 0.05x; Retail leads at 0.12x amid weak QIB demand
- Green Asia Impex IPO subscribed 0.05x overall on Day 3
- Retail category led demand with 0.12x subscription
- QIB and bHNI categories remained at 0.00x throughout
- Allotment date set for September 29, 2026
*this image is generated using AI for illustrative purposes only.
Green Asia Impex IPO concluded its three-day subscription period on September 28, 2026, with a total subscription rate of 0.05x. Retail investors emerged as the primary source of demand, subscribing to 0.12x of their quota, while institutional interest remained negligible with QIBs at 0.00x.
Subscription Status
The issue witnessed minimal participation across all categories, failing to attract significant institutional or high-net-worth investor interest. The cumulative subscription remained below 1x throughout the offering period. Retail demand picked up pace slightly on the final day, ticking up from 0.11x to 0.12x by the close.
| Day | Date | QIB | NII (bHNI) | NII (sHNI) | Retail | Total |
|---|---|---|---|---|---|---|
| Day 1 | 24-09-2026 | 0.00x | 0.01x | 0.00x | 0.03x | 0.01x |
| Day 2 | 25-09-2026 | 0.00x | 0.02x | 0.00x | 0.06x | 0.02x |
| Day 3 | 28-09-2026 | 0.00x | 0.04x | 0.00x | 0.12x | 0.05x |
Category-wise Breakdown
Retail investors accounted for the majority of the limited demand, reaching 0.12x by the close of the issue. Non-Institutional Buyers (sHNI) subscribed at 0.04x, while bHNI and QIB categories saw no subscription activity, remaining at 0.00x. The standout intraday move on Day 3 was a 33.3% jump in NII (bHNI) from 0.03x to 0.04x, though absolute volumes remained low.
Intra-day Timeline on 28-09-2026
| Time (IST) | QIB | NII (bHNI) | Retail | Total |
|---|---|---|---|---|
| 11:15 | 0.00x | 0.03x | 0.11x | 0.04x |
| 12:15 | 0.00x | 0.04x | 0.12x | 0.05x |
Offer Details
The company offered equity shares in a price band of ₹85.00000 to ₹90.00000 per share. The minimum bid quantity was set at 3200 shares. The issue size ranged between ₹4,08,000 crore and ₹5,00,000 crore based on the price band.
About the Company
Green Asia Impex Limited, incorporated in 2014 and headquartered in Andhra Pradesh, is engaged in the sourcing, processing, and export of frozen seafood and agri-commodities. The company primarily deals in frozen shrimps, which constituted 87.76% of FY2026 revenue, and dried chillies. It operates as a Two Star Export House recognized by DGFT and exports to seven countries including China, USA, Kuwait, and the UK.
Financial Highlights
The company reported consolidated revenue from operations of ₹383.80 crores in FY2026, up from ₹337.62 crores in FY2025. Profit After Tax (PAT) stood at ₹15.61 crores in FY2026.
| Metric | FY2026 | FY2025 | FY2024 |
|---|---|---|---|
| Revenue from Operations (₹ Cr) | 383.80 | 337.62 | 317.39 |
| Total Revenue (₹ Cr) | 388.63 | 339.65 | 318.15 |
| Profit Before Tax (₹ Cr) | 21.04 | 14.39 | 9.03 |
| Profit After Tax (₹ Cr) | 15.61 | 10.35 | 6.66 |
Objects of the Issue
- Funding Capital Expenditure for Setting Up Proposed Seafood Processing Facility: A portion of the Net Proceeds will fund capital expenditure for a new facility, including plant and machinery purchases.
- General Corporate Purposes: Deployment towards working capital, raw material purchase, and other ordinary course business activities, subject to a cap of 15% of Gross Proceeds.
Risk Factors
- Significant Revenue Concentration in China: Sales to Chinese customers aggregated ₹12,009.32 lakhs (31.29% of revenue) in Fiscal 2026, exposing the company to geopolitical and regulatory risks in that region.
- High Customer Concentration Risk: The top 10 customers accounted for 77.85% of revenue from operations in Fiscal 2026, with no long-term agreements ensuring order stability.
- Working Capital Intensive Business: The company reported negative net cash flows from operating activities in Fiscals 2024, 2025, and 2026, with rising net working capital days.
- Highly Leveraged Capital Structure: Debt-to-Equity ratio stood at 2.40x in Fiscal 2026, with total finance costs of ₹1,246.69 lakhs, increasing vulnerability to economic downturns.
What's Next
Allotment of shares is scheduled for September 29, 2026. The equity shares are expected to be listed on the stock exchanges on October 1, 2026.
How will the significant under-subscription impact Green Asia Impex's ability to secure necessary working capital for its negative operating cash flows post-listing?
What specific regulatory or geopolitical developments in China could further exacerbate the revenue concentration risks highlighted in the company's risk factors?
Given the negligible institutional interest, what strategies might management employ to stabilize the stock price during its October 1 listing debut?
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